Ripple – one of the global leaders in cryptocurrency, has announced its expansion. According to Brad Galrinhosue – CEO, Ripple is set to expand in Dubai. Furthermore, the news about this development took place at the Dubai Fintech Summit on May 8.
As I just shared on stage at #DubaiFintechSummit, @Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive. pic.twitter.com/9lWEtYECq7
— Brad Garlinghouse (@bgarlinghouse) May 8, 2023
In addition, Galrinhosue stated the primary factors are the regulatory development and consumer base in the Middle East. In the end, he said:
“Dubai is emerging as a key global financial hub for crypto innovation to thrive.”
Ripple Announces Dubai Expansion
Ripple has been in a court battle with the US Securities and Exchange Commission (SEC) for two years. Also, the court cases about how to define the security of digital assets have gotten a lot of attention. As a result, they play a key role in regulating the industry.
On the other hand, as this continues to unfold, Riffle has announced that it will expand to Dubai. Specifically, Brad Galrinhosue stated that the company plans to grow in the country because of its efforts to make regulations clear and it’s already growing user base. In a post on Twitter, he said:
“Ripple is expanding in Dubai. With 20% of our customers based in MENA and clear regulatory regimes being developed, it’s no surprise that Dubai is emerging as a key global financial hub for crypto innovation to thrive.”
Ripple has said that it has spent more than $200 million on its legal battle with the SEC, which is where this story comes from. On the other hand, it’s clear that regulation is becoming a must in the business. So, it makes sense for companies to look for places where they can come up with new ideas and help the business grow.
